Breaking News Emails
NEW YORK — It's not a joke.
Spanish-language broadcaster Univision is buying a stake in the owner of The Onion, the satirical news site.
Univision Communications Inc. said Tuesday that it is a minority investor. A memo from Onion Inc. CEO Mike McAvoy CEO to employees says Univision has acquired "a good chunk" of the company and may buy the rest later.
Univision spokeswoman Rosemary Mercedes and Onion spokeswoman Lauren Pulte both declined to specify the size of Univision's investment.
Univision last summer filed to go public amid declines in TV ratings. Other TV networks have also been investing in new-media companies in an effort to beef up on digital and appeal to younger people.